i m new in seo and making a blog need some help

hey there i found a key which has have 500000 searches per month and have a low competition and the site that is ranking 1st for that keyword have 100+ backlinks and it's a genral blog and only it's article is rating so what if i buy the exact domain with hyphens and write unique article and get 200 + good manual backlinks do i have any chance beating that site suggestions and tutrial will be much appreciated thanks

You never know for sure, you cannot estimate such things. First off I'd recommend you to go and make keyword research properly. What tool are you using for estimating the competitiveness? Google Adwords keyword tool? if yes I can tell you that it's very inaccurate.

You should do the following Google search to estimate the competitiveness of a certain search term: intitle:"keyword" inanchor:"keyword"

Also bear in mind that you need to search for "exact" match to see the real search volume for the given phrase or keyword.

As mentioned by irmscher, be careful using the Google keyword tool for research. He numbers given there can be misleading based on whether you are logged in or out of google. Its good for getting ideas of other terms and phrases to target however I would use another tool for your research or do it manually.

One thing that will be imperative for your initial success is how you do your keyword research. Using a tool like the Google Keyword tool is a great first step but you should really go beyond that to determine which keyword terms/phrases to go after.

Here are two methods you should learn more about,

Quantitative Methods
Aside from market indicators and relevance of certain keywords to your website, there are also quantitative methods that may shed more light on which keywords are the best for you to be using. Two of the most popular quantitative methods are KEI (Keyword Effectiveness Index) and the R/S or results to searches ratio.
KEI
The Keyword Effectiveness Index measures the demand of a particular keyword phrase against the number of web pages that use it in their copy. Demand for any given keyword is further broken down into a daily amount or in other words, the daily global searches for the keyword.
The formula is expressed as ((MS/30)) ^ 2/C where MS represents monthly searches and C represents competition. Monthly searches are first divided by 30 or MS/30. That number is then squared or multiplied by itself and then divided by whatever the competition is.
For example if the monthly global searches for "cell phones" were 30,000 we would divide this number by 30 which would give us 1,000 daily searches. Squaring this number gives us 1,000,000. Say our competition for this phrase is 2 million web pages. 1,000,000/2,000,000 = 0.5 or the KEI ratio for this keyword phrase.
So what the heck does that tell you?
KEI Ratios can be interpreted as such,
< 0.001 = ineffective keyword
0.001-0.010 = A Good Keyword
0.010-0.100+ = A Fantastic Keyword
R/S Ratio
The results to searches ratio is not as popular as the KEI method however it can still shed light on how competitive a keyword is. For any given keyword phrase you simply take the number of global monthly searches (or local if you are targeting local traffic) and divide it by the number of results returned to you by a search engine for that phrase (searching for non-exact match terms). In general, an R/S ratio of 500 or below with corresponding competition results of a million or less is a good keyword to target. There are however some ambiguities with this method. For example by searching non-exact match phrases, you get tons of results that may not contain the specific phrase but pieces of that phrase. This method (as well as KEI) may also exclude terms that you want to try ranking for anyway because they are a crucial part of your business.

To echo what was said here, spend the time it will take to do your due diligence. Failed keyword research could cost you a ton of cash & time to make up for it (if even possible), considering your greenness.

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